August 08, 2018

Govt appoints S Gurumurthy, Satish Marathe as Part Time Directors of RBI board

The Indian government today appointed Swaminathan Gurumurthy and Satish Kashinath Marathe as part time directors of the Reserve Bank of India (RBI) board for a 4 year term.

Gurumurthy is the editor of Tamil political weekly Thuglak and the co-convenor of Rashtriya Swayamsevak Sangh (RSS)-affiliate political and cultural organization, Swadeshi Jagaran Manch, and Satish Marathe is a business man and the patron of an NGO called Sahakar Bharati which is furthering the co-operative movement in India.

Both the names were approved as per provisions of Section 8 1C of the RBI Act, 1934 by Prime Minister Narendra Modi-led Appointments Committee of the Cabinet after a proposal from the department of financial services. With the two appointments, RBI’s board now has 10 government-appointed members. This is the maximum number of members permitted.